Drop in Aveng’s revenue as transition to resources and mining progresses

CAPE TOWN – Aveng’s revenue fell to R11.2billion in the six months to December 31 from R13.4bn in the comparable period a year before due to planned non-core asset sales as the transition to become an international infrastructure, resources and mining business progressed.

Net operating profit of R14million swung around from the R484m loss reported in the comparable period a year before, driven by core business performance.

Core revenue was marginally ahead.

“We, as the management, are very happy with these results,” said chief executive Sean Flanagan in an interview.

Moolmans returned to profitability and cash positive contract mining operations, after a previously loss-making contract was turned around, following rates renegotiations, and time was spent ensuring the right equipment was on site to meet production targets, he said.